Adams, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July Budgeted cost of goods sold April $67,000 May $77,000 June $87,000 July $93,000 Adams had a beginning inventory balance of $3,700 on April 1 and a beginning balance in accounts payable of $15,600. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Adams makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Adams will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Adams will report on the end-of-quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. April Inventory Purchases Budget Budgeted cost of goods sold May 77,000 June $ 87.000 $ 67,000 $ Inventory needed 67,000 77.000 87,000 Required purchases (on account) $ 67,000 $ 77,000 $ 87,000 Required A Required B Required C Required D Determine the amount of ending inventory Adams will report on the end-of-quarter pro forma balance sheet. Ending inventory Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the balance in accounts payable Adams will report on the end-of-quarter pro forma balance sheet. Accounts payable